Users deposit funds into Agora and receive AUSD at a 1:1 rate.

Agora is a financial technology company that is the principal architect of AUSD - a full-reserve fiat stablecoin that brings the US dollar onchain.

Agora is a private company registered in the US. Agora was founded by Nick van Eck, Drake Evans, and Joe McGrady and launched in 2024.

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Agora

# Agora Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of AUSD stablecoin tokens currently in circulation across Ethereum, Avalanche, and Solana blockchains. This metric tracks the net amount of tokens that have been minted and are held by users, excluding any tokens that have been burned or redeemed. The calculation uses two different methodologies depending on the blockchain: event-based tracking for Ethereum and Avalanche, and balance aggregation for Solana.

## 2. Data sources

- **Ethereum Transfer events**: Parsed `Transfer` events from the AgoraDollarErc1967Proxy contract containing mint and burn operations
- **Avalanche token transfers**: Token transfer events for the AUSD token contract address containing mint and burn transactions  
- **Solana token balance changes**: Post-transaction balance states for all AUSD token holder accounts from Solana blockchain data
- **Token metadata**: Contract addresses and mint addresses for AUSD tokens across Ethereum (`0x00000000efe302beaa2b3e6e1b18d08d69a9012a`), Avalanche, and Solana (`AUSD1jCcCyPLybk1YnvPWsHQSrZ46dxwoMniN4N2UEB9`)

## 3. Step-by-step calculation

### Component A: Ethereum and Avalanche mint events
- **Purpose**: Identifies new AUSD tokens created (minted) on Ethereum and Avalanche
- **Logic**: Extracts `Transfer` events where the sender address (`from`) is the zero address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Filters out invalid transfers where the recipient (`to`) is also the zero address. Records the timestamp, token address, blockchain, and mint amount for each valid mint event.
- **Key fields**: `block_timestamp`, `token_address`, `amount` (from `value` field), recipient address validation

### Component B: Ethereum and Avalanche redemption events  
- **Purpose**: Identifies AUSD tokens that have been burned or redeemed on Ethereum and Avalanche
- **Logic**: Extracts `Transfer` events where the recipient address (`to`) is the zero address, indicating token burning. Filters out invalid transfers where the sender (`from`) is also the zero address. Records the timestamp, token address, blockchain, and burn amount, treating burns as negative amounts for calculation purposes.
- **Key fields**: `block_timestamp`, `token_address`, `amount` (treated as negative value), sender address validation

### Component C: Daily supply changes for Ethereum and Avalanche
- **Purpose**: Calculates the net change in outstanding supply for each day
- **Logic**: Combines mint events (positive amounts) and redemption events (negative amounts) into a single dataset. Groups transactions by day using timestamp truncation, chain identifier, and token address. Sums all amounts within each day to calculate the net daily supply change (`outstanding_delta`).
- **Key fields**: Daily aggregated `timestamp`, `chain_id`, `token_address`, `outstanding_delta`

### Component D: Cumulative outstanding supply for Ethereum and Avalanche
- **Purpose**: Calculates running total outstanding supply over time
- **Logic**: Applies a cumulative sum window function to the daily supply changes, partitioned by chain and token address and ordered by timestamp. This creates a running total that represents the outstanding supply at each point in time.
- **Key fields**: `timestamp`, `outstanding_supply` (cumulative sum of daily changes)

### Component E: Solana token holder balances
- **Purpose**: Captures individual holder balances for AUSD tokens on Solana
- **Logic**: Extracts post-transaction balance data for all token accounts holding AUSD tokens from Solana token balance change events. Filters for the specific AUSD mint address and aggregates data to daily granularity. Applies fill-forward logic to propagate account balances on days without transactions, ensuring continuous balance tracking for each holder.
- **Key fields**: `timestamp`, `account_address`, `token_address`, `amount` (post-transaction balance)

### Component F: Solana outstanding supply aggregation
- **Purpose**: Calculates total outstanding supply for Solana by summing all holder balances
- **Logic**: Takes the fill-forward balanced holder data and groups by day, chain, product, and token address. Sums all individual holder balances to calculate the total outstanding supply for each day. This approach accounts for the total tokens in circulation by aggregating across all token holder accounts.
- **Key fields**: `timestamp`, `chain_id`, `outstanding_supply` (sum of all holder balances)

### Final aggregation
- **Combining components**: The outstanding supply calculations from Ethereum/Avalanche (event-based cumulative tracking) and Solana (balance aggregation) are combined using a union operation, creating a unified dataset across all supported blockchains
- **Currency conversion**: No USD conversion is applied to this metric as price data is not available at the time of token listing
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day granularity
- **Data processing**: Outstanding supply values are divided by 1,000,000 (1e6) to adjust for token decimal places. Missing days are filled using fill-forward logic to ensure continuous time series data
- **Final calculation**: The final outstanding supply represents the total amount of AUSD tokens in circulation, calculated as the cumulative net issuance (mints minus burns) for Ethereum and Avalanche, and the sum of all holder balances for Solana, with both methodologies providing equivalent measures of circulating token supply

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

Agora

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown